The value of the state’s pension investments plunged to $56.3 billion as of the end of January, according to the latest monthly report[1] issued by the state Division of Investment. It was $59.2 billion at the end of January, a loss of 4.35% for the month. The pension funds had been worth $77.7 billion when the fiscal year began July 1; the market loss, not counting reductions in the funds’ value due to actual pension payments, is 25.5% in eight months.

Those returns reflect the situation at the end of February, but things should look better when the March report is announced in mid- to late-April. The Dow, S&P and Nasdaq are up between 8% and 10% this month, with today the last day in March.